Axelar Network Looks to Boost Interoperability With $35M Raise
Axelar Network has raised $35 million from its Series B funding round.
Axelar is a decentralized protocol aiming to bridge blockchain ecosystems.
The Axelar team recently rolled out its phased mainnet in late January.
Share this article
Blockchain interoperability protocol Axelar Network has closed its Series B funding round, raising $35 million at a $1 billion valuation.
Axelar Lands $35 Million Funding
Axelar Network has raised $35 million during its Series B funding round.
Investors that participated in the capital raise included Dragonfly Capital, Polychain Capital, North Island Ventures, Rockaway Blockchain Fund, Cygni Capital, Lemniscap, Olive Tree Capital, Blockchange Ventures, and Node Capital.
Axelar Network is a decentralized protocol aiming to bridge blockchain ecosystems and offers developer tools and APIs for cross-chain communication.
In a Tuesday press release, the team said the freshly-raised capital would finance the growth and development of the Axelar network, as it works towards building an interoperability network for Layer 1 blockchains. Commenting on the Series B funding round, Sergey Gorbunov, CEO and co-founder of Axelar said:
“With the latest round of funding, we will continue to grow Axelar and its network while laying down the crucial foundations for Web3.”
The funding news of Axelar has come ahead of the scheduled release of its software development kit (SDK) for developers to build cross-chain dApps on the network. Olaf Carlson-Wee, Founder and CEO of Polychain Capital and investor in Axelar, said the project was “uniquely positioned to connect blockchains and decentralized applications.”
The Axelar team rolled out its phased mainnet in late January. It also launched Satellite, its first dApp that lets users transfer assets between Terra and several other chains, including Ethereum, Avalanche, Polygon, Fantom, and Moonbeam.
Satellite authorizes the transfer of assets between chains via smart contracts secured by a decentralized set of validators. Axelar will compete with other interoperability protocols like Connext, Celer, AnySwap, Wormhole, Allbridge, and Hop Network. Axelar has managed to attract funding at a time when cross-chain asset transfer protocols have come under criticism from blockchain pioneers like Vitalik Buterin due to their security limitations.
There have been incidents where hackers have taken hundreds of millions of users’ funds from cross-chain bridges. For example, in August 2021, an interoperability protocol called Poly Network was hacked for $611 million before the hacker decided to return the funds. Earlier in February, an unknown hacker exploited the multi-chain bridge Wormhole for $322 million.
Disclosure: At the time of writing, the author of this piece owned ETH and MATIC.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
A New Layer 2 Bridge Between Polygon and Arbitrum Is Launching
Ethereum interoperability project Wanchain will launch a cross-chain bridge between Polygon and Arbitrum. Wanchain Will Deploy an Ethereum Layer 2 Bridge Wanchain has entered a strategic partnership with Polygon to…
Wormhole Bridge Attacked for $322M
An attacker has exploited the bridge protocol Wormhole for $322 million of ETH, according to various reports. Attack Estimated Above 120,000 ETH Wormhole has placed the value of the attack…
Layer 1 Project Aleo Raises $200M
Aleo has raised $200 million in a series B funding round to build a new Layer 1 blockchain focused on scalability and user privacy. Aleo Pulls In VC Backing Aleo,…
NFT Express: Your on-ramp to the world of NFTs
At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…